How Much Can I Put in My HSA 2019?

Health Savings Accounts (HSAs) are a great way to save for medical expenses while enjoying tax benefits. If you're wondering how much you can contribute to your HSA in 2019, you're in the right place! Let's dive into the details.

For the tax year 2019, the IRS has set the following annual contribution limits for HSAs:

• Individual Coverage: $3,500 per year
• Family Coverage: $7,000 per year

It's essential to note that these limits include both your contributions and any contributions made by your employer. If you're 55 or older, you can contribute an additional $1,000 as a catch-up contribution.

Contributions to your HSA are tax-deductible, meaning you can lower your taxable income by contributing to your account. The funds in your HSA can be used for qualified medical expenses, including deductibles, copayments, prescriptions, and more.

Understanding how much you can contribute to your HSA can help you maximize your savings and take advantage of the tax benefits. It's a smart way to plan for future healthcare costs while reducing your tax liability.

Curious about how much you can contribute to your HSA in 2019? Look no further! Understanding the contribution limits can empower you to save more for your healthcare needs.